CGX Wraps Up 3D Seismic Survey Onshore Guyana

CGX Energy announced that shooting of the 1,839 sq km 3D seismic survey on CGX's 25% Georgetown Petroleum Prospecting License (PPL) has been completed. Joint Venture Partners in the Georgetown PPL include the Operator, Repsol (15%) and its subsidiary, YPF Guyana (30%), and Tullow Guyana BV (30%). The Georgetown survey was shot jointly with CGX's 505 sq km survey on its 100% owned Corentyne PPL that was completed in December.

Kerry Sully, President & CEO stated, "We are very pleased with the completion of both surveys that were shot by Fugro Geoteam's R/V Geo Pacific and despite a worsening weather window late in the program, the surveys were completed on schedule and on budget. CGX's share of the combined acquisition program is currently estimated to be $15.5 million. Health, safety and environment were a priority and there were no work-related lost time accidents. Almost all of the consumables and critical supplies were sourced in Guyana and onshore logistics were efficiently managed by Fugro with local service provider, Demerara Shipping Company Ltd."

Warren Workman, VP Exploration stated, "Data quality reviewed to date is excellent with minimal noise and early results giving clear images below 30,000 feet. Processing has been on-going since November, with PSTM interpretation expected by the second quarter on the Corentyne PPL. In anticipation that the seismic interpretation will continue to support a drilling commitment on the Corentyne PPL, we are advancing in parallel our well drilling design and environmental assessment study."